President-elect Joe Biden is facing mounting pressure to extend student loan debt relief or forgive thousands of indebted dollars for the millions of people who had their loan payments suspended throughout the pandemic. With payments expected to resume in the new year, action on this front could help many who are out of work or…
By Jan Strupczewski 4 Min Read BRUSSELS (Reuters) – Leaders of the 20 biggest world economies (G20) will debate this weekend how to deal with the unprecedented COVID-19 pandemic that has caused a global recession and how to manage the recovery once the coronavirus is under control. “Family Photo” for annual G20 Summit World Leaders…
By Reuters Staff 2 Min Read ROME, Nov 20 (Reuters) – Italy will use its forthcoming presidency of the Group of 20 major global economies to try to secure further debt relief for African states, a senior Italian diplomat said on Friday. Italy takes over the annual rotating presidency of the G20 on Dec. 1…
Joseph R. Biden Jr. will assume the presidency in two months amid dual catastrophes: a raging, once-in-a-century pandemic and a devastated economy. Its a moment that calls for bold and immediate action. And student-debt relief might be one of the big issues the new president moves on quickly. An idea once in the margins enters…
By Reuters Staff 3 Min Read FILE PHOTO: Chinese Finance Minister Liu Kun attends a news conference on China’s economic development ahead of the 70th anniversary of its founding, in Beijing, China September 24, 2019. REUTERS/Florence Lo BEIJING (Reuters) – China has extended debt relief to developing countries worth a combined $2.1 billion under the…
WITH DEBTS looming and dollars scarce, Zambia has wrestled in recent months with a predicament. It knew that failing to pay bondholders would be damaging. But paying only them, having failed to pay others in full, could be worse. Other creditors would blow off my legs, the countrys finance minister said. So on November 13th…
MONTGOMERY, Ala. (WSFA) – It is a staggering number. About 45 percent of all bankruptcies in Montgomery County alone are tied to massive medical debts. But two Montgomery churches and a synagogue are doing their part to help lift the burden from those saddled with the debts. Kreg Sherbine is a member of First Christian…
Saudi Minister of Finance Mohammed al-Jadaan wears a protective mask as he attends a virtual meeting of G20 finance ministers and central bank governors in Riyadh, Saudi Arabia July 18, 2020. G20 Saudi Arabia/Handout via REUTERS As the pandemic-induced global recession continues to batter African economies, the Group of Twenty (G20) governments have sidestepped the…
By Sinead Cruise, Iain Withers 8 Min Read LONDON (Reuters) – One morning, after years of financial prudence and solid creditworthiness, you wake up and its all gone. Youre no longer worthy. Youre a risk. In fact, youre sub-prime. FILE PHOTO: People wearing protective face masks walk past a boarded up public house in Hackney,…
Prime Minister Mia Amor Mottley has joined the call for debt relief to be extended beyond the poorest countries to middle-income countries. Speaking at the virtual launch of the ‘Debt Relief for Green Recovery’ Report, Mottley stated that middle-income countries were making sacrifices every day in choosing sustainability and resilience over the cheap and easy…